Nikkei:9,435.01 (–14.46) Hang Seng:22,915.28 (+89.88) Shanghai Comp:2,946.67 (–1.80)
ASIAN SHARES rallied as resources stocks gained ground yesterday, on expectations of higher demand once rebuilding efforts are under way in Japan and on optimism about the global economic recovery.
Tokyo Electric Power, operator of the stricken nuclear reactors, sank 8.1 per cent after it scrapped a planned year-end dividend because of the devastating earthquake.
In Sydney, resource stocks were boosted by rising metal prices. BHP Billiton added 1.2 per cent and Atlas Iron jumped 8.4 per cent. Airline Qantas rose 1.9 per cent after raising domestic fares while Virgin Blue added 1.6 per cent in spite of Wednesday’s profit warning. Caltex shed 4 per cent due to falling refiner margins
In Seoul, car makers rose on expectations of greater market share as their Japanese rivals grappled with production disruptions. Hyundai rallied 4.2 per cent t and affiliate Kia rose 3.4 per cent.
In Hong Kong, higher commodity prices drove a surge in shares of metal and energy producers.
Cnooc gained 1.8 per cent after reporting an 85 per cent rise in 2010 profits and Chalco advanced 0.8 per cent. – (Copyright The Financial Times Limited 2011)
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